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Enerflex (EFX) investor relations material
Enerflex Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved $2.6B in trailing twelve-month revenue and $533M in TTM adjusted EBITDA as of Q2 2026, with a 20.7% adjusted EBITDA margin and $231M in TTM free cash flow.
Delivered solid operational performance in Q2 2026, driven by Energy Infrastructure and After-Market Services, with Engineered Systems maintaining strong commercial momentum.
Maintains a diversified, investment-grade customer base with low revenue concentration risk; top 10 customers account for ~35% of revenue, with the largest customer at ~5%.
Strategic focus on operational excellence, disciplined growth, and capital allocation, with initiatives to enhance collaboration, scale, and efficiency, including digital service expansion and North American integration.
Recurring sources contribute ~65% of gross margin before D&A, supporting business resilience.
Financial highlights
Q2 2026 revenue was $582M, down from $615M in Q2 2025 and $584M in Q1 2026, mainly due to project sequencing and resource allocation.
Gross margin before depreciation and amortization was $173M (30% of revenue), compared to $175M (29%) in Q2 2025.
Adjusted EBITDA was $128M in Q2 2026, with TTM adjusted EBITDA of $533M and a margin of 20.7%.
Net earnings were $30M ($0.25/share), down from $60M ($0.49/share) in Q2 2025 and $43M ($0.35/share) in Q1 2026.
Free cash flow improved to $32M in Q2 2026, with TTM free cash flow at $231M.
Outlook and guidance
Engineered Systems bookings remain strong, with Q2 bookings at $488M and first-half bookings near $1B, supporting a record $1.5B backlog.
Book-to-bill ratio for ES was 1.6x in Q2 and 1.5x for the first half, indicating robust demand.
Organic growth capital expenditures for 2026 guided at $185M–$195M, with $100M for growth and $70M–$80M for maintenance.
Targeting 10%-15% customer-supported fleet growth in U.S. Contract Compression for 2026.
Multi-year fundamentals remain favorable, driven by rising natural gas and liquids production and robust backlogs.
- All resolutions passed with no shareholder questions; strategic updates to follow in earnings call.EFX
AGM 2026 - Disciplined growth, digital innovation, and strong financials drive a 6% CAGR and record ROCE.EFX
Investor update - Record free cash flow, reduced leverage, and APAC divestiture support strong 2026 outlook.EFX
Q4 2025 - Record Q3 2025 EBITDA, strong backlog, and a 13% dividend hike highlight robust growth.EFX
Q3 2025 - Record adjusted EBITDA, strong margins, and disciplined capital allocation drive positive outlook.EFX
Q2 2025 - Q3 2024 saw higher revenue, improved margins, lower debt, and a 50% dividend increase.EFX
Q3 2024 - Record adjusted EBITDA, strong backlog, and improved leverage offset by project and control risks.EFX
Q2 2024 - Higher margins, lower leverage, and strong cash flow highlight robust Q1 2025 performance.EFX
Q1 2025 - Revenue, margins, and cash flow improved in 2024, supporting a 50% dividend increase and lower debt.EFX
Q4 2024
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